Wyoming General Form of Agreement to Partition Real Property
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How to fill out General Form Of Agreement To Partition Real Property?
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FAQ
Partition action is the legal process by which a court is called upon to divide (or part) the equitable interest in real property amongst co-owners who can't unanimously decide on what to do with the asset.
A partition agreement may be an express statement that the right to partition is waived. It may also be evidenced by a right of first refusal where one co-tenant is required to offer the property for sale to another co-tenant as a condition precedent to an action for partition.
In a partition lawsuit, there are generally four different steps. First, the court determines each party's ownership interests. Second, the court will decide on the manner of sale. Third, the court will order the property be sold.
A partition in kind occurs when the court physically divides the real estate. A partition by sale occurs when the court orders the sale of the property and the net sale proceeds are divided among the co-owners ing to their respective interests.
Wyoming Statute 34-1-142 requires a statement of consideration be completed whenever a deed, contract or other document transferring legal title is recorded. Information such as the date of sale, purchase price, terms of sale, etc. are required.
It is worth noting that there are always exceptions. It is entirely possible for complex cases to be resolved faster than those with more simple terms. While the process will vary from case to case, it is reasonable to expect a partition action to take anywhere from 18 months to 24 months.